Mumbai — Indian stock markets closed lower Wednesday as losses in pharmaceutical and healthcare shares dragged down benchmark indices, although gains in information technology stocks helped limit the decline.
The BSE Sensex fell 251.89 points, or 0.34%, to close at 72,781.89, while the NSE Nifty 50 declined 99.25 points, or 0.44%, to settle at 22,622.70.
Among Sensex stocks, Infosys, Tech Mahindra, Tata Consultancy Services, Hindustan Unilever and NTPC were the leading gainers.
However, losses in Bajaj Finance, Mahindra & Mahindra, Bajaj Finserv, Eternal and ICICI Bank weighed on the benchmark index.
Shriram Finance, HDFC Life Insurance and Bajaj Finance were among the biggest decliners on the Nifty.
The broader market also ended in negative territory, with the Nifty MidCap 100 index slipping 0.08% and the Nifty SmallCap index declining 0.32%.
Pharmaceutical and healthcare stocks recorded the steepest sectoral losses, with the Nifty Pharma and Nifty Healthcare indices emerging as the session’s weakest performers.
Information technology stocks provided some relief, with the Nifty IT index finishing as the top-performing sectoral index.
Market analysts said the Nifty struggled to maintain its early gains after briefly moving above the 22,700 level. Profit-taking subsequently pushed the index toward 22,550 before buying interest helped contain the losses.
“Profit booking dragged the index toward 22,550, where some buying interest emerged, limiting further losses. On the upside, 22,800 remains the key resistance. A sustained breakout above this level could extend the recovery toward the 23,000 mark,” analysts said.
They identified the 22,600–22,500 range as the immediate support zone for the benchmark index.
Investors also remained cautious ahead of upcoming U.S. inflation data, which could influence expectations for Federal Reserve monetary policy.
“Indian equities witnessed a volatile session as profit booking emerged after recent gains, with investors turning cautious ahead of key U.S. inflation data,” market observers said.
They added that lower intraday crude oil prices, a stronger rupee following Reserve Bank of India foreign exchange measures and expectations of a possible review of long-term capital gains taxes and the securities transaction tax helped support market sentiment.
Meanwhile, the Indian rupee strengthened by approximately 10 paise to trade at 95.14 against the U.S. dollar, despite broader dollar strength. Restrictions imposed by the Reserve Bank of India on dollar purchases continued to provide support to the domestic currency. (Source: IANS)
